Edition:
India

Hormel Foods Q2 Earnings Per Share $0.52


Thursday, 23 May 2019 

May 23 (Reuters) - Hormel Foods Corp ::HORMEL FOODS REPORTS SECOND QUARTER RESULTS.Q2 ADJUSTED EARNINGS PER SHARE $0.46 EXCLUDING ITEMS.Q2 EARNINGS PER SHARE $0.52.Q2 SALES $2.3 BILLION VERSUS REFINITIV IBES ESTIMATE OF $2.37 BILLION.Q2 EARNINGS PER SHARE ESTIMATE $0.45 -- REFINITIV IBES DATA.FISCAL 2019 EARNINGS GUIDANCE DECREASED TO $1.71 TO $1.85 PER SHARE FROM $1.77 TO $1.91 PER SHARE."IN SPITE OF RECORD SALES, Q2 EARNINGS DID NOT MEET OUR EXPECTATIONS".QTRLY REFRIGERATED FOODS VOLUME FLAT.AFRICAN SWINE FEVER IN CHINA STARTED TO IMPACT GLOBAL HOG AND PORK MARKETS THIS QUARTER.QTRLY REFRIGERATED FOODS NET SALES UP 1%.AFRICAN SWINE FEVER IN CHINA LED TO RAPIDLY INCREASING INPUT COSTS.QTRLY INTERNATIONAL & OTHER VOLUME DOWN 7%.HORMEL FOODS - HAVE ANNOUNCED PRICING ACTION ACROSS CO'S BRANDED VALUE-ADDED PORTFOLIO IN GROCERY PRODUCTS, REFRIGERATED FOODS AND INTERNATIONAL SEGMENTS.JENNIE-O TURKEY STORE PROFITS DECLINED DUE TO A COMBINATION OF PLANT STARTUP COSTS AND LOWER RETAIL SALES IN QUARTER.SEES 2019 NET SALES GUIDANCE $9.50 BILLION - $10.0 BILLION.QTRLY INTERNATIONAL & OTHER NET SALES DOWN 9%.FY2019 EARNINGS PER SHARE VIEW $1.79, REVENUE VIEW $9.69 BILLION -- REFINITIV IBES DATA.FINALIZED SALE OF CYTOSPORT THIS QUARTER, USED PROCEEDS TO PAY REMAINING DEBT FROM COLUMBUS CRAFT MEATS ACQUISITION, OTHERS.QTRLY JENNIE-O TURKEY STORE VOLUME UP 2%.QTRLY JENNIE-O TURKEY STORE NET SALES FLAT.QTRLY GROCERY PRODUCTS NET SALES UP 2%.QTRLY GROCERY PRODUCTS VOLUME UP 3%.